Getty Realty Corp.
- Open
- 36.10
- Day high
- 36.65
- Day low
- 35.85
- Prev close
- 36.25
- Volume
- 441K
- Mkt cap
- $2.0B
- P/E (TTM)
- 23.1
- EPS (TTM)
- $1.56
- P/B
- 1.9
- P/S
- 8.9
- Yield
- 5.33%
- Per share
- $1.93
Getty Realty Corp. (GTY) is a Real Estate company listed on NYSE. The stock is up 33% over the past year.
Getty Realty Corp. (GTY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GTY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.36 | $0.63 | +74.3% | $56M | -3.5% |
| Feb 11, 2026 | $0.62 | $0.63 | +1.6% | $61M | +8.2% |
| Oct 22, 2025 | $0.61 | $0.62 | +1.6% | $56M | +0.0% |
| Jul 23, 2025 | $0.60 | $0.59 | -1.7% | $53M | +2.2% |
| Apr 23, 2025 | $0.59 | $0.59 | +0.0% | $52M | -0.2% |
| Feb 12, 2025 | $0.31 | $0.60 | +93.5% | $53M | +5.9% |
| Oct 23, 2024 | $0.58 | $0.59 | +1.7% | $51M | +1.7% |
| Jul 24, 2024 | $0.57 | $0.58 | +1.8% | $50M | +2.4% |
| Apr 25, 2024 | $0.57 | $0.57 | +0.0% | $49M | +5.9% |
| Feb 14, 2024 | $0.57 | $0.57 | +0.0% | $48M | -0.5% |
| Oct 25, 2023 | $0.56 | $0.57 | +1.8% | $50M | +12.3% |
| Jul 26, 2023 | $0.56 | $0.56 | +0.0% | $45M | +0.5% |
GTY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 11, 2026 | Ryan Robert Johnofficer: Sr. VP & Chief Investment Ofc | Grant | 20 | $33.03 |
| Dec 19, 2025 | Dicker Joshuaofficer: EVP, Gen Counsel & Secretary | Grant | 20 | $28.42 |
| Dec 19, 2025 | Dickman Brian Robertofficer: EVP CFO & Treasurer | Grant | 20 | $28.42 |
| Dec 19, 2025 | CONSTANT CHRISTOPHER Jdirector, officer: President & CEO | Grant | 20 | $28.42 |
| Dec 19, 2025 | SHNAYDERMAN EUGENEofficer: See Remarks | Grant | 20 | $28.42 |
| Dec 19, 2025 | OLEAR MARK JAMESofficer: EVP & Chief Operating Ofc | Grant | 20 | $28.42 |
| Mar 5, 2025 | SHNAYDERMAN EUGENEofficer: VP & Chief Accounting Officer | Option | 1,500 | — |
| Mar 5, 2025 | COVIELLO PHILIP E JRdirector | Grant | 7,000 | — |
| Mar 5, 2025 | SAFENOWITZ HOWARD Bdirector | Option | 5,000 | — |
| Mar 5, 2025 | Dickman Brian Robertofficer: EVP CFO & Treasurer | Grant | 32,500 | — |
| Mar 5, 2025 | OLEAR MARK JAMESofficer: EVP & Chief Operating Ofc | Option | 7,500 | — |
| Mar 5, 2025 | COVIELLO PHILIP E JRdirector | Option | 5,000 | — |
| Mar 5, 2025 | SAFENOWITZ HOWARD Bdirector | Grant | 7,000 | — |
| Mar 5, 2025 | Dicker Joshuaofficer: EVP, Gen Counsel & Secretary | Grant | 31,750 | — |
| Mar 5, 2025 | OLEAR MARK JAMESofficer: EVP & Chief Operating Ofc | Grant | 31,750 | — |
Source: GTY SEC Form 4 filings, latest Mar 11, 2026. For informational purposes only — not investment advice.
See the full GTY insider & 13F page →Getty Realty Corp. company profile
Overview
**Getty Realty Corp.** (NYSE:GTY) is a publicly traded real estate investment trust (REIT) that has specialized in convenience store and gasoline station properties since its initial public offering in 1973. Founded over five decades ago, the company has evolved from a traditional gas station landlord into a diversified owner of convenience and automotive retail real estate. Today, Getty operates as the leading REIT in the United States focused on convenience store and automotive retail properties, owning over 1,100 net-leased properties across 42 states. The company has undergone significant portfolio transformation in recent years, expanding beyond its traditional convenience store focus to include car washes, auto service centers, and quick-service restaurants.
Business
Getty Realty operates in the **triple-net lease real estate sector**, specifically focusing on convenience and automotive retail properties. A triple-net lease is a commercial real estate arrangement where tenants pay not only rent but also property taxes, insurance, and maintenance costs, making it an attractive investment structure for landlords seeking predictable income streams. The company's portfolio consists of four primary property types: **Convenience Stores** represent the largest segment, accounting for approximately 70% of Getty's annualized base rent (ABR). These are typically small retail locations that sell fuel, food, beverages, and everyday necessities. Convenience stores often operate 24/7 and serve as essential community infrastructure, providing fuel and basic goods to local populations. **Express Tunnel Car Washes** have become Getty's fastest-growing segment, representing 14% of the portfolio and 33% of recent investment activity. These are automated car wash facilities where vehicles move through a tunnel system with brushes, soap, and rinse cycles. The car wash industry has experienced significant growth due to subscription-based membership models that provide recurring revenue streams. **Auto Service Centers** comprise 21% of recent investments and include facilities for oil changes, tire services, brake repairs, and general automotive maintenance. These properties typically feature service bays and customer waiting areas, serving the essential need for vehicle maintenance and repair services. **Drive-Through Quick Service Restaurants (QSRs)** represent the smallest segment at 5% of recent investments. These are fast-food establishments designed for drive-through service, capitalizing on consumer demand for convenient food options. Getty's geographic footprint spans 42 states, with 59% of rental income generated from properties located in the top 50 Metropolitan Statistical Areas (MSAs) and 75% from the top 100 MSAs, indicating a focus on higher-density, economically vibrant markets.
Revenue model
Getty Realty generates revenue primarily through **triple-net lease arrangements** with its tenants. Under this business model, tenants pay Getty a fixed base rent plus all property-related expenses including taxes, insurance, and maintenance. This structure provides Getty with predictable, inflation-protected income streams while transferring property operating risks to tenants. The company's revenue sources include: **Base Rental Income** forms the core revenue stream, representing over 80% of total revenues. Tenants typically sign long-term leases averaging 10-17 years with built-in annual rent escalations of approximately 2%. This provides Getty with predictable cash flows that grow over time, helping offset inflation. **Investment and Acquisition Activity** drives revenue growth through the purchase of new properties. Getty targets initial cash yields of 7.5-8.5% on new investments, meaning a $10 million property acquisition would generate approximately $750,000-$850,000 in annual rental income. **Development Funding** represents an emerging revenue source where Getty provides capital to tenants for new construction projects. These arrangements typically involve higher initial yields and longer lease terms, as Getty takes on development risk in exchange for enhanced returns. Getty's paying customers are primarily **regional and national operators** in the convenience and automotive retail sectors. Major tenants include convenience store chains, car wash operators like Zips Car Wash, auto service franchises, and QSR brands. The company maintains a diversified tenant base with no single tenant representing more than a few percentage points of total rental income. Several factors influence Getty's profitability margins. **Interest rate environments** significantly impact the company's cost of capital, as Getty relies on debt financing for acquisitions. Rising rates increase borrowing costs and can compress investment spreads. **Competition from other REITs and private investors** affects acquisition pricing and cap rates. **Tenant credit quality and coverage ratios** influence rental income stability, with Getty's tenants currently maintaining a healthy 2.5-2.6x rent coverage ratio. **Economic conditions** in local markets affect tenant performance, particularly for discretionary services like car washes, while convenience stores tend to be more recession-resistant due to their essential nature.
Competitive moat
Getty Realty possesses a **moderate but defensible competitive moat** built primarily on specialized expertise, tenant relationships, and portfolio quality, though the moat faces ongoing challenges from capital competition. The company's **specialized sector knowledge** represents its strongest competitive advantage. Getty has operated in convenience and automotive retail real estate for over 50 years, developing deep understanding of site selection, tenant underwriting, and property valuation that newer entrants lack. This expertise enables Getty to identify attractive investment opportunities and avoid problematic assets that less experienced investors might overlook. **Established tenant relationships** provide Getty with a pipeline of direct sale-leaseback opportunities. Over 90% of Getty's recent investments have been direct transactions rather than competitive auction processes, allowing the company to negotiate more favorable terms and pricing. These relationships, built over decades, create switching costs for tenants who value Getty's reliability and industry expertise. **High-quality portfolio concentration** in top Metropolitan Statistical Areas provides some insulation from competition. Getty's focus on dense, economically vibrant markets creates natural barriers to entry, as prime convenience and automotive retail locations are finite resources with significant zoning and permitting barriers. However, Getty's moat faces **significant competitive pressures**. The triple-net lease REIT sector has attracted substantial institutional capital, with numerous public and private competitors pursuing similar investment strategies. **Capital intensity** of the business means that access to low-cost financing often determines competitive success more than operational expertise. **Limited differentiation** in the underlying real estate product makes Getty vulnerable to competitors willing to accept lower returns. **Potential disruption** could emerge from several sources. Electric vehicle adoption may reduce demand for traditional gas stations, though this transition will likely occur over decades. Autonomous vehicles could reshape convenience retail patterns. Economic downturns could pressure tenant credit quality, particularly for discretionary services like car washes. Additionally, if interest rates remain elevated, Getty's cost of capital advantage could erode, making it harder to compete for acquisitions. Overall, Getty maintains a **modest moat** that provides some competitive protection but requires continuous reinforcement through prudent capital allocation and relationship maintenance.
Risks & safety
Getty Realty presents a **moderate margin of safety** with manageable debt levels but limited financial flexibility and full valuation metrics. **Debt and Solvency Analysis:** - Net debt-to-EBITDA ratio of 5.2x represents moderate leverage for a REIT, though approaching the higher end of conservative ranges - No debt maturities until June 2028 provides breathing room and refinancing flexibility - Available liquidity of approximately $495 million through revolving credit facilities offers adequate short-term financial cushion - Current ratio of 0.47x indicates potential short-term liquidity concerns, though typical for REITs with quarterly rent collections **Cash Flow Characteristics:** - Strong free cash flow generation of $129.6 million annually (2024) provides debt service coverage - AFFO payout ratio of approximately 75-80% leaves modest retained cash flow for growth or debt reduction - Minimal capital expenditure requirements due to triple-net lease structure where tenants handle property maintenance **Valuation Metrics:** - Price-to-earnings ratio of 29x appears elevated relative to REIT sector averages - EV/EBITDA of 15.5x suggests full valuation with limited margin for disappointment - Price-to-book ratio of 1.79x indicates market premium to net asset value **Other Considerations:** - 99.7% occupancy rate provides minimal cushion for tenant losses - Recent Zips Car Wash bankruptcy (1.8% of ABR) demonstrates tenant credit risk exposure - Concentration in discretionary automotive services creates economic sensitivity beyond essential convenience retail
Recent development
Over the past several years, Getty Realty has executed a **strategic transformation** from a traditional convenience store REIT into a diversified convenience and automotive retail platform. The most significant development has been **aggressive portfolio diversification**, with non-convenience store properties growing from less than 3% of annualized base rent in 2019 to 28% by 2024. **Investment Strategy Evolution** has shifted toward direct sale-leaseback transactions, with over 90% of recent investments completed through direct relationships rather than competitive auctions. This approach has enabled Getty to secure more attractive pricing and longer lease terms while building deeper tenant partnerships. The company has consistently invested $150-210 million annually, maintaining disciplined underwriting standards with initial cash yields of 7.5-8.5%. **Sector Expansion** has been methodical and substantial. **Car wash investments** have become Getty's second-largest focus, capitalizing on the industry's growth driven by subscription membership models and express tunnel technology. **Auto service center acquisitions** have added exposure to the essential vehicle maintenance sector, while **QSR investments** have provided entry into the drive-through food service market. **Capital Markets Activities** have supported this growth strategy through proactive capital raising. Getty has raised nearly $300 million in equity capital over the past two years, enabling debt reduction and acquisition funding. The company has also extended debt maturities and maintained investment-grade credit metrics. **Geographic Expansion** has concentrated on high-growth metropolitan markets, with Getty increasing its presence in markets like Austin, Charlotte, Las Vegas, and San Antonio. This strategy has improved portfolio quality while positioning Getty in markets with favorable demographic and economic trends. **Recent Challenges** include managing the **Zips Car Wash bankruptcy**, which affected 12 properties representing 1.8% of ABR. Getty's response has demonstrated portfolio management capabilities, with expectations to retain 6 sites, re-lease 5 properties to new operators, and sell 1 property while recovering approximately 70% of previous rental income.
GTY company profile · for informational purposes only — not investment advice.
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